Tax Evasion – Banking Giant's Future Rests on Tax Evasion Ruling  

UBS is one of Switzerland's leading banking institutions but, according to a report in the Guardian, the future of this banking heavyweight rests on the pending ruling of a tax evasion case. The issue of tax evasion has come under the spotlight for many reasons recently.

According to the report in the Guardian, the ruling in the UBS tax evasion case is due this February and it is currently a very tense time for all parties involved in the multi-billion dollar tax evasion negotiations currently transpiring in the US. Obviously, tax evasion is a serious offence, particularly when carried out on a scale such as this and the alleged indiscretions of UBS are being taken extremely seriously in the USA where evidence of the tax evasion case will be heard in Washington over the next four weeks. Switzerland is unquestionably subjected to more scrutiny when it comes to tax evasion due to the number of people who open bank accounts in the country due to its tax exempt status. However, the UBS tax evasion case will determine whether or not the bank has acted in a criminal manner and, if it has, whether their US banking license should be revoked as a result.

Tax Evasion – UBS Come Under Scrutiny

According to the report in the Guardian, the UBS tax evasion case pertains to their apparent role in a substantial tax evasion plot. Tax evasion investigators in the United States believe that the Swiss bank wilfully allowed rich Americans conceal billions of dollars worth of taxable income or assets. This is clearly a very large scale example of tax evasion which is very difficult to conceal and the US investigators hope to reveal UBS's role in facilitating tax evasion by a number of wealthy Americans. According to the Guardian's report, the tax evasion prosecutors in the USA are demanding that UBS hand over the details on 17,000 of their customers but the bank themselves are only willing to part with the details of 300 accounts.

Tax Evasion – UK Faced with Substantial Tax Evasion Problems

Tax evasion is obviously a global problem regardless of the scale of the tax evasion itself and, according to the report in the Guardian, the UK is missing out on the astronomical figure of £18.5bn in lost taxes from accounts that are set up in tax havens. This will prove particularly galling for tax payers in the UK because this money lost to tax evasion would be sufficient to knock 4.5p off the basic rate of tax in the country.

Looking for a Tax Evasion Expert? Speak to Gilbert Tax

If you are concerned that you may have incurred a tax liability through unqualified tax avoidance or possible tax evasion, now is the time to contact Gilbert Tax. Conflicts with Inland Revenue and HMRC, both potential and existing, can almost always be remedied. Taking a proactive stance in resolving tax difficulties is of paramount importance. At Gilbert Tax, we are non-judgemental. The terms and conditions of your tax difficulties are irrelevant, as our job is to simply assist you in dealing with them. Let Gilbert Tax lift the burden and worry of dealing with Inland Revenue from your shoulders. We are available by phone on 0800 734 3333 and by email at scott.gilbert@gilberttax.co.uk

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